Berkshire Hathaway's annual shareholder Q&A session opens Sunday at 9 a.m. Central Time at Omaha's CHI Health Center, with a record 45,000 attendees registered to hear Chairman Warren Buffett, 95, and Vice Chairman Greg Abel field five hours of live questions. The Saturday business meeting set the table for what is widely expected to be Buffett's final extended Q&A appearance before he steps down as chief executive at the end of 2026.
Berkshire reported $352 billion in cash and U.S. Treasury holdings as of March 31 in a Friday filing, the largest cash pile ever held by a non-financial company. The figure has raised pointed questions among shareholders and analysts about the conglomerate's investment philosophy as the S&P 500 reaches record highs and Berkshire's own Class A shares cross $710,000.
Apple, the $86 Billion Question
Berkshire's trimmed Apple position now stands at 312 million shares, down from 905 million at the start of 2024 but still worth $86 billion at Friday's record close. Buffett confirmed in the Saturday business meeting that recent trims reflect "tax considerations, not a change in our admiration for the company," but analysts will press the chairman Sunday on whether further reductions are likely as Apple's market capitalization tops $4 trillion.
Edward Jones analyst Jim Shanahan said the position "remains the most consequential equity decision in Berkshire's history" and that the Sunday session "could move both stocks." Apple options markets are pricing additional volatility tied to Berkshire's commentary alongside Tuesday's fiscal Q2 earnings.
Succession, Buybacks and the Cash Pile
Greg Abel, 63, will assume the chief executive role on January 1, 2027, with Buffett remaining as chairman. Sunday's session will give shareholders their longest direct engagement with Abel as the designated next leader, with questions expected to focus on capital allocation discipline, the path for Berkshire's Energy and Burlington Northern subsidiaries, and the conditions under which the company would resume meaningful share repurchases.
Berkshire suspended buybacks in mid-2024 when shares topped 1.6 times book value and has not repurchased meaningful amounts since. With the stock now near record highs and 1.78 times book value, analysts at UBS argue the discipline of refusing to overpay for the stock could weigh on returns if cash continues to compound at money market yields well below the company's 11.4% historical returns on capital.